U.S. stocks fluctuate narrowly amid data, rate hike concerns

U.S. stocks traded mildly lower around midday Tuesday, as Wall Street digested U.S. import and export prices amid rate hike concerns.

By noon, the Dow Jones Industrial Average edged down 14.66 points, or 0.08 percent, to 17,715.82. The S&P 500 fell 2.07 points, or 0.10 percent, to 2,076.51. The Nasdaq Composite Index lost 27.81 points, or 0.55 percent, to 5,067.50.

U.S. import prices declined 0.5 percent in October after falling 0.6 percent the previous month, exceeding market consensus of 0.1-percent decline, Labor Department reported Tuesday. Lower prices for both fuel and nonfuel imports contributed to the October decrease.

U.S. export prices fell 0.2 percent in October, following a 0.6-percent drop in September.

Investors remained cautious as the possibility of a December rate hike increases following a strong job gain in October.

U.S. total nonfarm payroll employment increased by 271,000 in October, the largest gain since December 2014. The unemployment rate fell to 5.0 percent, the lowest since April 2008.

Many analysts believed that the U.S. Federal Reserve will raise interest rates next month, as Fed Chair Janet Yellen reiterated last week that the central bank may pull the trigger at its December policy meeting if the U.S. economy is "performing well."

In corporate news, shares of Apple Inc. declined over 2 percent around midday after Credit Suisse said the tech giant's supply-chain orders have weakened recently in Asia, which could weigh on Apple's shares for the "next few weeks/quarters."

On Monday, U.S. stocks dropped as the Organization for Economic Cooperation and Development shaved 2015 global growth forecast to 2.9 percent. Endit